Pharaon Investment Group Weighs Sale of Attock Cement Stake

Pharaon Investment Group Ltd., a firm based in Lebanon, is considering a strategic sale of its ownership in Attock Cement Pakistan Ltd (ACPL). According to sources cited by Bloomberg, this move has garnered preliminary interest from significant entities in the cement and energy sectors, including Cherat Cement and Bestway Group.

The report indicates that major Pakistani cement manufacturers, such as Cherat and Bestway, are among those contemplating making offers for the stake. Additionally, Kot Addu Power Co., an energy sector company, is assessing ACPL and might consider a joint proposal with a domestic building materials producer like Fauji Cement.

Previously, Pharaon Investment Group informed its stakeholders about the interest shown by potential investors in acquiring its shareholding in ACPL, with intentions to submit formal bids.

PIGL has appointed Standard Chartered Bank to serve as the financial advisor for this divestment process.

Reports from the previous year suggested that Pharaon Investment was reviewing strategic options regarding its investment in the cement business in Pakistan, including a possible sale.

Attock Cement Pakistan Ltd was established in Pakistan on October 14, 1981, as a public limited company. It operates as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, located in Lebanon.

The company’s primary business function is the production and distribution of cement.